Pre-open comment Tuesday 10th January
On Monday the minor (20day) poc migrated higher to 1271.50. This is now First level Support. I have not marked Significant Selling for eleven days. ES gapped higher today and pre-open has printed as high as 1290.
First Level Support = ES 1271.50 SPY = 127.91
Second Level Support = ES 1256 (poc) SPY = 126.00
Sentiment: My version of the Rydex Assets Ratio was lower at 2.56 – from Friday’s ratio of 3.0 which was a five month high.
Supporting Charts (+ or – or ? for equities).
(Momentum = daily PriceOsc)
– EURUSD: Chart printed a new 15month low on Monday. Momentum is up.
– Dollar Index: printing above the 80.15 (1/2R off the 2008 low) and reached a new 12month high on Monday. Momentum is down.
? TLT: pre-open, prints just below the 10month poc at 117.88. Momentum is up.
imo these charts have a negative bias for equities but momentum indicator suggests this could change.
